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Cable Update (GBPUSD)

  • #221
  • Nov 24, 2006 6:35am Nov 24, 2006 6:35am
Quoting Ghostpipper
keep us informed of yer tics moe got alot of hurting people atm......
i took a small loss myself bro. made some of it up tho. look like i gots to load up around 8:40am
If I Go Broke Trying Then I Will die happy.
  • #222
  • Nov 24, 2006 6:36am Nov 24, 2006 6:36am
"Expectations for quiet ranging markets have been well and truly scuppered with less liquid markets actually contributing to today?'s break above 1.3000. Reserve managers were tipped by some behind the break high, a Middle Eastern sovereign account said to have bought in large size, whilst other traders tipped China's diversification intentions, and the risks associated from massive Usd based reserves, for the downside pressure on the US unit. Certainly China confirmed reserves have topped Usd1tn although it seems that a gap in short dated range barriers, was the fuel for the spike, whilst a series of buy stops between 1.3010-60, saw this span closed in a very short period of time. A 1.3100 barrier has since been knocked out and limited dips have now pressing specs to raise bids towards 1.3050. 1.3162, (75% retrace of 1.3670-1.1640), is the new topside target ."
  • #223
  • Nov 24, 2006 6:39am Nov 24, 2006 6:39am
Thats what did it less liquidity allowed these bigger players to dump dollars with limited or no resistance... I think that been happening pretty much all week.
  • #224
  • Nov 24, 2006 6:40am Nov 24, 2006 6:40am
Don't Forget The Rules.


Trading is not a sprint but a marathon. Compounding money is a powerful thing.

Be patient and persistent: To develop persistence, you must force yourself to do everything according to the rules of your trading method or system.

Exercise discipline: Discipline is the ability to plan your work and work your plan.

Always, Always use stops loss, even if mental.
Protect your profits at all times.

Accept your losses. If you cant accept your losses you will become a nerverous trader.

When in doubt stay out.<!-- / message --><!-- / message --><!-- sig -->
If I Go Broke Trying Then I Will die happy.
  • #225
  • Nov 24, 2006 6:41am Nov 24, 2006 6:41am
I'm not guessing here the price has reached the 161.8% fibo to the pip from the last down move. Do the TA and don't follow any one on this forum lots of people are lossing money big time when they should be making, always look at the bigger picture first.

Then step down to the time frame you like to trade in. That's my 2 cents.
Now blast me.
  • #226
  • Nov 24, 2006 6:43am Nov 24, 2006 6:43am
Quoting enoc2g
Thats what did it less liquidity allowed these bigger players to dump dollars with limited or no resistance... I think that been happening pretty much all week.
I agree.

What i dislike about forex is that any kind of volume is able to change prices...
  • #227
  • Nov 24, 2006 7:10am Nov 24, 2006 7:10am
Guys an update:

Check this
Johann Channels and cycles are everything
  • #228
  • Nov 24, 2006 7:25am Nov 24, 2006 7:25am
there still some pips on the table. its going up
If I Go Broke Trying Then I Will die happy.
  • #229
  • Nov 24, 2006 7:45am Nov 24, 2006 7:45am
issit possible for it to stay above that range till end of yr?
  • #230
  • Nov 24, 2006 8:28am Nov 24, 2006 8:28am
Quoting stonie
issit possible for it to stay above that range till end of yr?
Well thatīs the big ??. Right now european economy ministers must be screaming with Eur so high and they will pressure Trichet to lower the Eur value but on the other side liquidation of carry trades, seasonality and diversification would be the other side of the coin.

Make your bets Guys
Johann Channels and cycles are everything
  • #231
  • Nov 24, 2006 9:11am Nov 24, 2006 9:11am
anyone think their will be a reversal coming anytime soon or will it go higher?
  • #232
  • Nov 24, 2006 9:25am Nov 24, 2006 9:25am
well, only god and the chinese know.

goddamn chinese
  • #233
  • Nov 24, 2006 9:25am Nov 24, 2006 9:25am
next week
If I Go Broke Trying Then I Will die happy.
  • #234
  • Nov 24, 2006 9:31am Nov 24, 2006 9:31am
I see that many people say that it is China that causes this...
I don't think so.
If Chinese wanted to diversify with big volume into euros or pounds they would wait for a more liquid period .

About Eur/Usd and Cable I would like to alert traders for a possibility not so remote after the easy break out of Eur/Usd to year highs.
If the moves become more extended and the corrections less deep then the market is changing scale and there is a possibility that multiyear high prices will be the christmas present to all momentum traders .
Although that this scenario is the one of three possible(in fact the least possible) it is the scenario that shows a possiblity of eur hitting ~1.43 .
I dont say that this will happen but right now it is a probability.
Just watch the way that the market moves and especially the length of the corrections.
About Gbp I believe that it will face very heavy resistance at 1.96 and at 2.00 if it breaks up .
The scenario that favors a strong bullish trend in Gbp shows a very high possible price at 2.10.

For now I think the market may correct a little lower.
The GrandMaster of the Forex Market.
  • #235
  • Nov 24, 2006 9:44am Nov 24, 2006 9:44am
im guessing we didnt hit any highs/lows this morning with the us session because its stinken friday....... stupid friday . Hey BK im still in short on the GBP at 8990 im going to see what happens monday and maybe tuesday wghen the entire US market is open. market cant go up forever. Some type of a retracement has to come whether its 10% or 40% before we go higher. And thats if we go higher but im guessing we will be unless some real homes were bought this last month but im not counting on it....
Ghost Swoopen in for my pips while no one is lookin !!
  • #236
  • Nov 24, 2006 9:48am Nov 24, 2006 9:48am
Quoting temporary
I see that many people say that it is China that causes this...
I don't think so.
I don't think so too... in fact, The jump of the European currency was the consequence of a technical momentum, provoked by automatic orders of sale supposed to limit the losses of the holders of dollars a time the threshold of 1,30 overcome.
  • #237
  • Nov 24, 2006 9:53am Nov 24, 2006 9:53am
Quoting Tatton
anyone think their will be a reversal coming anytime soon or will it go higher?
British pound – US Dollar (GBP/USD)

The sterling appreciated against the U.S. dollar in the month of December, 14 out of the past 20 years times which is roughly 70 percent of the total sample. Like the EUR/USD, the seasonality factor was stronger in the last 10 years with the GBP/USD appreciating 8 years out of the last 10 samples. On average, the GBP/USD gained 2.37 percent during the positive months and lost only 1.15 percent during the negative months.

http://www.dailyfx.com/export/sites/...2.2006img2.gif
If I Go Broke Trying Then I Will die happy.
  • #238
  • Nov 24, 2006 10:35am Nov 24, 2006 10:35am
pg 17 owned!



doesnt look like its going back to 1.8xxx again this year but who know ..maybe ..if it does ill close my shorts .. not closing till the market comes down, why give em my money?
  • #239
  • Nov 24, 2006 10:49am Nov 24, 2006 10:49am
Quoting Ghostpipper
im guessing we didnt hit any highs/lows this morning with the us session because its stinken friday....... stupid friday . Hey BK im still in short on the GBP at 8990 im going to see what happens monday and maybe tuesday wghen the entire US market is open. market cant go up forever. Some type of a retracement has to come whether its 10% or 40% before we go higher. And thats if we go higher but im guessing we will be unless some real homes were bought this last month but im not counting on it....
ghostpipper, i am still in short position too @9150. Gosh.... didnt put stop loss and all of sudden it climbed up to the moon. Cant do anything right now, i am also awaiting for price movement on monday. To decide weather to cut loss or hold. But the pain is here already....
  • #240
  • Nov 24, 2006 10:53am Nov 24, 2006 10:53am
Quoting turin0107
ghostpipper, i am still in short position too @9150. Gosh.... didnt put stop loss and all of sudden it climbed up to the moon. Cant do anything right now, i am also awaiting for price movement on monday. To decide weather to cut loss or hold. But the pain is here already....
yes the pain is not a good pain, hopefully there will be one hell of a correction but remember newstraders post with all of those facts I believe this will be going higher !!!
Ghost Swoopen in for my pips while no one is lookin !!
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